Ministry of Trade, Industry and Energy

Korea-Saudi Business Forum

Minister for Trade Inkyo Cheong attended the Korea-Saudi Business Forum launched on July 30 at Westin Josun Seoul and stated in his welcome address that the two countries’ cooperation has, in step with the Saudi Vision 2030, expanded to key industries like automobiles and shipbuilding, and highlighted that the Korea-GCC FTA is expected to not only diversify trade in goods like medical devices, cosmetics, and food products, but also spur services market exchanges in industries like film and healthcare as well.   The Forum was attended by 250 persons of both countries, composed of government officials and business figures. date2024-07-30

Trade Minister chairs 2nd Global Trade Strategy Meeting

Minister for Trade Inkyo Cheong chaired the second Global Trade Strategy Meeting on July 25 with the participation of 22 attendees comprising government ministries, economic groups, as well as industrial, trade, and international relations experts for discussions on the upcoming U.S. presidential election, its impact on Korea, future plans, and strategies for utilizing the IPEF CRN. date2024-07-25

CVC Alliance to boost investment in innovative firms and spur global open innovation

The Ministry of Trade, Industry and Energy (MOTIE), Korea Institute for Advancement of Technology (KIAT), and member companies of the Corporate Venture Capital (CVC) Alliance held an annual general meeting on July 22 at COEX in Seoul to confirm this year’s management plans, including measures for boosting investment in innovative firms and activating a global open innovation program. Composed of 44 CVCs, the CVC Alliance was launched in July 2023 to stimulate domestic CVC and accelerate CVC firms’ cooperation. Unlike general vendor capitals (VCs), CVCs focus not only on financial investment, but also play the role of expediating open innovation by providing business opportunities to invested companies on joint product development and new market penetration with parent companies and subsidiaries under the aim of establishing strategic partnerships. In this view, MOTIE plans to create a KRW 13 trillion CVC fund by 2028, starting with a ₩2.4 trillion CVC fund this year. Moreover, it intends to provide up to ₩1.5 billion in commercialization R&D funding for CVC-invested companies’ rapid growth, alongside a comprehensive support package for attracting overseas funding and export market entry assistance via Korea International Trade Association (KITA) and Korea Trade-Investment Promotion Agency (KOTRA). To note, new additions to this year’s plans include CVCs and invested companies’ joint overseas investor relations (IR) activities to accelerate global open innovation, as well as a local business site visiting program for CVC investment screening officers to promote investment in companies based in non-capital regions. MOTIE also plans to streamline the Government’s R&D process by involving the participation of CVCs and VC experts in business value assessment.   date2024-07-22

Trade Minister holds 2nd “Sales Diplomacy Support Group” meeting

On July 17, Minister for Trade Inkyo Cheong of the Ministry of Trade, Industry and Energy (MOTIE) convened the second “Sales Diplomacy Support Group” meeting in Seoul to review economic outcomes and future plans following the state visit of the United Arab Emirates (UAE) President to Korea (May 28 to 29), the Korea-Africa Summit 2024 (June 3 to 5) and the state visits of President Yoon Suk Yeol to three Central Asian countries (June 10 to 15). date2024-07-22

Team Korea Selected as Preferred Bidder for New Nuclear Power Plants in Czech Republic

Preferred bidder announced On Wednesday, July 17, at approximately 8:50 p.m. (1:50 p.m. local time), the Czech government announced that it has selected Korea Hydro & Nuclear Power (KHNP) as the preferred bidder for the construction of new nuclear power plants. The project to build up to four large nuclear reactors in Dukovany and Temelin is known as the largest investment project in the history of the Czech Republic. According to the Czech government, the total estimated cost of the project is about CZK 200 billion (KRW 12 trillion) for the first phase and CZK 400 billion (KRW 24 trillion) for the second phase, of which the amount of the contract with KEPCO will be finalized after further negotiations. For the project, KEPCO (prime contractor) will form Team Korea with KEPCO E&C (design), Doosan Enerbility (main equipment & construction), Daewoo E&C (construction), KEPCO NF (nuclear fuel), and KEPCO KPS (commissioning and maintenance). Significance Being selected as the preferred bidder in the bid for a new nuclear power plant in the Czech Republic marks the Company’s entry into the European market, home to the first commercial power plant after the Middle East. Korea, which introduced European-style nuclear power plants in 1982, has now become a country capable of exporting nuclear power plants to Europe. This achievement will further accelerate the restoration of the nuclear ecosystem that the Korean government has been focusing on. Future plans This nuclear power project will mark the beginning of a new chapter in Korea-Czech Republic relations, as a nuclear power project is something that requires more than a century of cooperation between the two parties. In 2025, the 35th anniversary of Korea-Czech Republic diplomatic relations, the two countries will deepen their strategic partnership and actively identify and promote cooperation projects, by signing a framework for trade and investment promotion and expanding joint R&D in science, technology, industry, and energy. date2024-07-19

Korea holds 2nd “Sales Diplomacy Support Group” meeting

On July 17, Minister for Trade Inkyo Cheong of the Ministry of Trade, Industry and Energy (MOTIE) convened the second “Sales Diplomacy Support Group” meeting in Seoul with the participation of economic agencies and companies to review economic outcomes and future plans following several significant events: the state visit of the United Arab Emirates (UAE) President to Korea (May 28 to 29), the Korea-Africa Summit 2024 (June 3 to 5) and the state visits of President Yoon Suk Yeol to three Central Asian countries (June 10 to 15). At the meeting, Trade Minister Cheong went over the implementation of 447 memorandums of understanding (MOUs) and contracts in the private sector, which have been signed during the presidential visits by President Yoon since his inauguration, and discussed follow-up measures with the companies involved. MOTIE assessed that the UAE President’s state visit to Korea, the Korea-Africa Summit attended by leaders from 33 countries, President Yoon’s state visit to Central Asia have significantly bolstered economic security cooperation in critical minerals and energy, while broadening the scope of collaboration with the Global South countries. The Ministry also indicated that it will accelerate the implementation of follow-up actions to key achievements―the establishment of critical minerals supply chain partnerships, support for bidding on energy plant projects, and the signing of the Trade and Investment Promotion Framework (TIPF). Of the 447 MOUs and contracts in place, 439 are currently in effect, while eight have been placed on hold due to changes in business conditions. As follow-up measures, the signing of export contracts, the establishment of joint ventures, and technology development are underway. Trade Minister Cheong said, “The government has created vast economic value amounting to USD 97 billion in exports, project contracts, and investments over the last two years through sales diplomacy led by the President. This has resulted in tangible outcomes such as a contract for 27 LNG carriers in Qatar, followed by numerous subsequent contracts.” Trade Minister Cheong also emphasized by saying, “The government, economic agencies, and companies will work as one team to closely monitor the implementation of each private sector outcome. The government will also support businesses facing difficulties in financing, export marketing, and securing local information in collaboration with relevant ministries, diplomatic missions, and trade centers as well as through a channel of communication between high-ranking government officials.” date2024-07-19

G7 Trade Ministers’ Meeting Outreach Session

Deputy Minister for FTA Negotiations Roh Keon-ki attended the G7 Trade Ministers’ Meeting Outreach Session as Chief Delegate of the Korean government on July 16 in Reggio Calabria, Italy.   The Session was attended by representatives of the G7 countries, Outreach countries, the business community of G7 countries (B7), and international organizations for discussions on strengthening the resilience of supply chains. date2024-07-17

Korea discusses measures for bolstering supply chain resilience with G7 member countries

Deputy Minister for FTA Negotiations Roh Keon-ki attended the G7 Trade Ministers’ Meeting Outreach Session as Chief Delegate of the Korean government on July 16 in Reggio Calabria, Italy. The Session was attended by representatives of the G7 countries, Outreach countries, the business community of G7 countries (B7), and international organizations for discussions on strengthening the resilience of supply chains. During the Session, Deputy Minister Roh stated that unlike the past when low-cost and high-efficiency were endowed utmost priority, the global supply chain as of late is undergoing drastic changes. Highlighting the importance of cooperation with trustworthy partners in establishing a resilient and stable supply chain, he said that Korea is currently engaging in multilateral cooperation, including the Indo-Pacific Economic Framework for Prosperity (IPEF) and the Minerals Security Partnership (MSP), as well as bilateral cooperation with Africa, Latin America, and other regions. Moreover, he introduced Korea’s domestic policies, including the early warning system and the industrial supply chain strategy of lowering key items’ dependency to 50 percent or less by 2030. On the margins of the G7 Trade Ministerial, Deputy Minister Roh met with World Trade Organization (WTO) Director General Ngozi Okonjo-Iweala to discuss measures for securing follow-up outcomes to the WTO's 13th Ministerial Conference (MC13) and asked for interest in Korean trade talent’s participation in WTO internships. The deputy minister also met with a government representative of Brazil, which holds this year’s G20 presidency, and discussed the Korea-Brazil Trade and Investment Promotion Framework (TIPF) implementation, Korea’s preparations for Asia Pacific Economic Cooperation (APEC) chairmanship in 2025, and both bilateral and multilateral measures for stronger cooperation. date2024-07-17

Trade Minister visits Renault Korea's Busan plant

Minister for Trade Inkyo Cheong visited Renault Korea's Busan plant on July 12 under the initiative of promoting foreign investment and discussed hybrid car investment and electric vehicle (EV) investment plans, then toured the stamping, welding, and assembly lines prior to going on a test drive on a new hybrid EV model. date2024-07-15

Korea and China launch 1st bilateral Export Control Dialogue meeting in Beijing

Director General for Trade Controls Policy Choi Woo-hyuk co-chaired the initial Korea-China Export Control Dialogue meeting on July 11 in Beijing with counterpart Jiang Qianliang, Deputy Director General for the Bureau of Industry, Security, Import and Export Control (BISIEC) of the Ministry of Commerce of China.   The two sides exchanged views on export control issues based on the shared consensus formed during the bilateral talks held on the margins of the ninth trilateral Korea-China-Japan summit convened in May this year. Moreover, both sides agreed to keep close communication and make joint effort towards maintaining stable and smooth industrial and supply chains to nurture favorable conditions for the two countries’ trade development. date2024-07-11